David’s Bridal in Davenport Files for Chapter 11
David's Bridal filed for Chapter 11 bankruptcy protection yesterday. We have a David's Bridal in Davenport which is also affected by the filing, but they're reassuring customers the company isn't closing.
According to a CBS story the wedding and prom retailer said there is no danger for , saying operations would continue as normal during the Chapter 11 restructuring.
The filing will wipe out more than $400 million in long-term debt, the company said Monday. The privately held retailer, based in Conshohocken, Pennsylvania, has between $500 million and $1 billion in liabilities, and between $100 million and $500 million in assets, according to bankruptcy documents.
The company has lender commitments for $60 million in new financing and expects to exit Chapter 11 in early January.